OKLO

Regulatory and Licensing Acceleration

Cluster Description

Accelerate commercial licensing by combining DOE authorization with NRC modernization, using topical reports and phased COLA submissions; newer commitments refine timelines and supersede earlier plans.

Commitments

• November 11, 2025: Submitted a principal design criteria topical report to the NRC that was accepted in 15 days, with a draft evaluation expected early 2026 to support accelerated licensing.
• November 11, 2025: Will leverage DOE Reactor Pilot Program authorization pathways in parallel with NRC processes to accelerate initial operations, with topical report draft evaluation expected early 2026 and NSDA/OTA actions targeted by year‑end.
• November 11, 2025: Will use operating data from DOE‑authorized Aurora-INL operations to compress NRC combined license timelines for subsequent sites, with licensing actions planned next year.
• September 30, 2025: NRC accepted Oklo’s Principal Design Criteria topical report under an accelerated timeline, with a draft evaluation anticipated in early 2026 to reduce re-review for future applications.
• August 11, 2025: Plan to file Phase One of the Aurora-INL combined license application in early Q4 2025 after completing NRC readiness, superseding the March 24, 2025 plan to submit later in 2024.
• July 17, 2025: Completed the NRC pre-application readiness assessment for Phase 1 of the COLA, positioning the company to submit in 2025.
• June 10, 2025: NRC accepted review of the Licensed Operator Topical Report to enable product‑based operator licensing and faster, fleet‑scale deployment.
• March 24, 2025: Initiated the NRC Pre‑Application Readiness Assessment to streamline the Aurora COLA review and advance commercial licensing.

Aurora‑INL Delivery Milestones and Schedule

Cluster Description

Execute first‑of‑kind Aurora powerhouse at INL with a focus on construction milestones, supply chain readiness, and a late‑2027 to early‑2028 commercial operations target; the latest guidance reaffirms and supersedes earlier statements.

Commitments

• November 11, 2025: Began earthworks on October 27, targeted controlled blasting in mid‑November, and set full excavation for early January 2026, marking transition to active construction.
• November 11, 2025: Completed major procurements for long‑lead components (e.g., sodium pumps, handling machines, reactor trip system) and secured supplier slots to reduce schedule risk.
• November 11, 2025: Target commercial operations for Aurora‑INL in late 2027 to early 2028, reaffirming and superseding earlier 2025 guidance.
• November 11, 2025: Will build and begin operating Aurora‑INL under a DOE authorization pathway to fast‑track future NRC commercial licensing.
• November 11, 2025: Will design and operate the first plant as a fully capable product to accelerate learning and drive down costs for future deployments.
• September 22, 2025: Broke ground on the first Aurora powerhouse at INL, initiating site construction activities.
• September 22, 2025: Engaged Kiewit Nuclear Solutions Co. as lead constructor under a Master Services Agreement to support design, procurement, and construction.
• May 13, 2025: Completed site characterization borehole drilling to support development and licensing of the Aurora powerhouse.

Fuel Supply, Fabrication, and Recycling

Cluster Description

Establish a vertically integrated domestic fuel ecosystem—including A3F, a Tennessee Advanced Fuel Center, and diversified feedstocks—to derisk early units and lower long‑term costs; newer commitments expand prior plans.

Commitments

• November 11, 2025: Will operate the Aurora Fuel Fabrication Facility at INL to fabricate fuel for the first powerhouse, following DOE approval of the Nuclear Safety Design Agreement under the Fuel Line Pilot Projects.
• November 11, 2025: Completed full‑scale fuel‑assembly flow testing this quarter and advanced an integrated fuel supply chain, with the Tennessee Advanced Fuel Center ramp targeted for the early 2030s.
• November 11, 2025: Committed up to $1.68 billion to develop the Tennessee Advanced Fuel Center for recycling and fabrication, targeting initial production ramp in the early 2030s and creating over 800 permanent jobs.
• November 11, 2025: Participating in DOE’s Advanced Nuclear Fuel Line Pilot Program with three Oklo‑led fuel projects to accelerate construction and operations of domestic fuel facilities.
• November 11, 2025: Will diversify fuel pathways using down‑blended EBR‑II material, potential plutonium bridge supplies, HALEU partnerships, and recycling, including the first 5 tonnes for the initial plant and up to 20 tons of government plutonium convertible into ~180 metric tons of Aurora fuel.
• October 17, 2025: newcleo may invest up to $2 billion via an affiliated vehicle to develop U.S. advanced fuel projects, strengthening the domestic fuel ecosystem.
• October 17, 2025: The parties will co‑invest and co‑locate fuel fabrication facilities and may repurpose surplus plutonium under U.S. safety and security requirements to create near‑term fuel sources.
• August 11, 2025: Exploring co‑location of a Lightbridge fuel fabrication facility within Oklo’s planned advanced fuel manufacturing facility and establishing a joint R&D hub, updating the January 28, 2025 MOU.

Fast‑Neutron R&D, Reactor Pilot Program, and Test Reactors

Cluster Description

Use Aurora‑INL and dedicated test reactors to restore U.S. fast‑neutron data generation, accelerate fuel/materials qualification, and validate recycling pathways; recent plans set near‑term RPP and test reactor milestones.

Commitments

• November 11, 2025: Advancing the Pluto test reactor program to support plutonium fuel and component testing, generate fast‑neutron data, and expand materials/fuel R&D over the next 3–12 months.
• November 11, 2025: Will utilize Aurora‑INL to conduct in‑reactor irradiation experiments during its operating life to produce fast‑reactor data in the U.S.
• November 11, 2025: Will generate irradiation data to improve fuel manufacturing, reduce costs, and advance recycling under commercial operating conditions.
• November 11, 2025: Will accelerate qualification and refinement of advanced fuels and materials by generating new fast‑reactor data under commercial conditions.
• August 13, 2025: Committed under DOE’s Reactor Pilot Program to demonstrate criticality in at least three test reactors by July 4, 2026, supporting long‑term commercial licensing readiness.

Radioisotopes and Atomic Alchemy Commercialization

Cluster Description

Stand up near‑term isotope production and a pilot facility under DOE programs to address U.S. shortages and create early revenue, building toward full commercial operations.

Commitments

• November 11, 2025: Advancing the Atomic Alchemy VIPR pilot facility under DOE’s Reactor Pilot Program toward construction and mid‑2026 operations, with lab‑scale isotope production and initial sales in the first half of next year.
• June 17, 2025: Initiated site characterization for a commercial radioisotope production facility at INL to establish one of the most advanced production sites globally.
• May 13, 2025: Expanding into the radioisotope market with initial revenue expected in 2026 and full commercial operations targeted for 2028.
• March 05, 2025: Committed to develop specialized radioisotope production capabilities to address urgent U.S. medical and industrial supply shortages.
• March 05, 2025: Plan to generate initial revenue from Atomic Alchemy operations prior to completion of the first radioisotope production reactors.
• June 17, 2025: Pursuing transformative projects through Atomic Alchemy to expand radioisotope capabilities and target a share of the projected $55.7 billion market by 2026.

Customer Offtake, Partnerships, and Market Development

Cluster Description

Convert a large demand pipeline into firm offtakes through creative structures and strategic partnerships spanning data centers, defense, and international collaborators; newer agreements refine focus on turnkey solutions.

Commitments

• November 11, 2025: Will convert a ~14 GW customer pipeline into firm offtakes using creative PPA and prepayment structures as projects mature toward 2026–2027 horizons.
• September 29, 2025: Will co‑lead Blykalla’s next investment round with an approximately $5 million commitment to strengthen transatlantic commercialization.
• September 29, 2025: Will share technology insights and coordinate shared suppliers with Blykalla, and may supply components and fuel fabrication services to strengthen a vertically integrated, cross‑border supply chain.
• August 21, 2025: Signed an MOU with ABB to explore collaboration on digitalization, automation, and electrification for future powerhouse sites.
• August 11, 2025: Advancing next steps with the U.S. Air Force and DLA after selection as intended awardee to design, construct, own, and operate a powerhouse under a long‑term purchase agreement.
• July 23, 2025: Launched a strategic alliance with Liberty Energy to provide a turnkey managed power solution that transitions customers from natural gas generation to Oklo nuclear powerhouses.
• July 22, 2025: Entered a collaboration to co‑develop advanced power and thermal management solutions for hyperscale and colocation data centers, with a pilot planned at the initial Aurora powerhouse.
• May 27, 2025: Signed an MOU with KHNP to collaborate on global deployment, manufacturability, constructability, and supply chain development for Aurora.
• January 17, 2025: Agreed with RPower to deliver a phased power model for data centers—gas generation within ~24 months transitioning to Aurora for emissions‑free baseload.
• December 18, 2024: Established a non‑binding Master Power Agreement with Switch to deploy up to 12 GW of advanced nuclear power through 2044 across the U.S.

Finance, Capital, and Operational Discipline

Cluster Description

Maintain disciplined cash use while securing capital flexibility to fund construction, fuel facilities, and growth; the latest guidance supersedes earlier targets.

Commitments

• November 11, 2025: Will make modest 2025 capital investments for INL and fuel facilities while keeping full‑year cash used in operations within $65–$80 million, supported by $540 million gross proceeds from an at‑the‑market program and a new shelf registration.
• June 12, 2025: Priced a public equity offering for approximately $400 million in gross proceeds, expected to close June 16, 2025, to fund general corporate purposes and capex.
• May 13, 2025: Committed to provide transparent financial updates and maintain full‑year 2025 cash used in operations guidance of $65–$80 million, later reaffirmed and superseded by November 11, 2025 guidance.
• March 30, 2025: Will utilize existing cash, cash equivalents, and marketable debt securities to fund operations and growth plans for at least the next year following the financial statement issuance.
• March 30, 2025: Increasing R&D investment and supporting G&A growth to scale operations, reflecting long‑term commitment to product development and commercialization.

Organizational Readiness, Governance, and ESG

Cluster Description

Build operational readiness and governance capacity through training infrastructure, leadership, and environmental stewardship to support safe, scalable deployment.

Commitments

• August 21, 2025: Commissioned a digital monitoring room at headquarters, equipped with ABB technology, to anchor operator training, simulation, and licensing preparation.
• May 13, 2025: Appointed a Chief Technology Officer to build high‑performing engineering teams and advance modern fast reactor deployment.
• May 13, 2025: Will maintain a public regulatory dashboard to transparently track licensing progress across power, fuel, and radioisotope activities.
• March 24, 2025: Appointed new board members with a mandate to advance large‑scale Aurora deployment, fuel recycling, and radioisotope production facilities.
• March 20, 2025: Committed to strict environmental stewardship and regulatory compliance throughout site investigation and construction to ensure efficient, sustainable development.
• February 06, 2025: Ensured leadership continuity amid board transition, with a replacement for the departing director to be announced.